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With its shares threatened with being delisted, this hotel issuer wants to swerve into the energy business

Holiday Ayo - PT Northcliff Citranusa Indonesia Tbk (SKYB), whose shares are threatened with being wiped off the floor of the Indonesia Stock Exchange (BEI), provided the latest news about the company's business plans.

It is known that SKYB shares have been subject to suspension since February 2020 or around 3.5 years. 

As cited from IDX information disclosure, Northcliff Citranusa Indonesia will have a new business in the energy business sector, namely iron ore and coal mining. Management said that progress with potential new investors has reached approximately 75%.


“The planning and preparation process for the development of the new business has been completed, then we are waiting for the results to be finalized with investors," wrote management, Wednesday (13/9). 


The company targets that the preparation for the new business will take 2-3 months, with plans to start the new business in early 2024. 

The plan is that there will be 3 stages in adding capital to the new business which will be obtained from investors. 


Among them, the first stage is 10% before the end of 2023 which will be used for preparation of mining work, the second stage is 40% in January-February 2024 which will be used for purchasing equipment and mobilization, and the third stage is 50% in March-April 2024 which will be used for operational capital for mining work. 


Apart from that, management also said that the company's ongoing business is the hotel business through its subsidiary PT Taman Suci Abadi. 


The company's businesses that are no longer operating are the voucher and cellphone trading business at PT Sinergitama Komindo and building management at PT Griya Boga Selaras. 


PT Taman Suci Abadi is the manager of the Taman Suci Hotel. The source of funds for hotel management is hotel income and loans from the owner of the Taman Suci Hotel. 


Meanwhile, the performance of the Taman Suci Hotel which was conveyed during the site visit, included that the hotel's average occupancy has increased from 35-40% to 35-70% in 2022. 


Thus, the hotel's average monthly income has also increased from IDR 55 million in 2022 to IDR 80 million in 2023. 


“The average profit per month in 2022 is IDR 3.2 million. The average profit per month in 2023 is IDR 13.6 million," he wrote. 


“Profit sharing is 70% of net profit for hotel managers and 30% for hotel owners," he said.


Currently, the number of employees at Taman Suci Hotel is only 10 people. The distribution of profit sharing is 70% of net profit for hotel managers and 30% for hotel owners.

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